With the amount of data insurers have accumulated over the years, it has never been a problem for carriers to explain why certain decisions—even bad decisions—were made. But as more analytics tools are made available to them, insurers need to use that data to look to the future rather than the past, according to Anand Rao, principal PwC Diamond Advisory Services.
PwC recently issued a report on the top issues the insurance industry faces in 2011. Rao points out that with analytics, carriers are at different stages of development.
“Some of the leading insurers have started moving in that direction [of looking forward],” says Rao. “[Carriers] have been using analytics in multiple areas and are now looking at [data] more holistically to determine how they can institutionalize the analytics across the enterprise.”
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